High momentum stocks to watch for on October 18

High momentum stocks to watch for on October 18

Indian Market
by 5paisa Research Team Last Updated: 2022-10-17T15:05:31+05:30

Looking for stocks that could deliver good returns by October 18? Here are the High Momentum stocks that one must watch for tomorrow selected on a three-factor model.    

Many participants see a stock opening with a gap-up and wish they should have bought this high momentum stock a day before to take advantage of the gap-up move. To fulfil this wish, we have come out with a unique system, which would help us to get the list of candidates that can be probable high momentum stocks for tomorrow.

The high momentum stocks for tomorrow selected are based on a three-factor prudent model. The first important factor for this model is price, the second key factor is the pattern, and last but not least is the combination of momentum with volume. If a stock passes all these filters, it would flash in our system and as a result, it would help traders to spot the high momentum stocks for tomorrow at the right time!

Here are the high momentum stocks for October 18.

Godfrey Phillips India: The stock rose nearly 7% amid strong buying interest. Past week, it broke out form its symmetrical triangle pattern, and has recorded massive volumes. The volumes have found to be greater than 10-day and 30-day average volume. Moreover, the stock has crossed above its prior swing high and is sowing extreme bullishness. It took the support of its 20-DMA and volume is found to be above average. After plunging initially, the stock witnessed a strong bounce back and is currently trading at a day’s high. It is likely to see a positive opening in the next trading session.

Canara Bank: The stock has broken out from its consolidation phase and has soared 5% on Monday. It has crossed above its all key moving averages and registered rising volumes for third consecutive day. With such positivity, it is expected to open gap-up in the next trading session.

Bharat Forge: After a decent correction from its recent swing high, the stock has attracted massive buying at lower levels. The volume has been great, and the stock has formed a strong bullish candle. The fresh buying interest is likely to attract investors, and we can see a strong momentum in next trading session as well.

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